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Precious Metal updates for 6 Oct 2016

Precious Metal updates for 6 Oct 2016

Silver trading range for the day is 41566-43722.Silver dropped amid mounting concern that an improving U.S. economy will push the Federal Reserve to boost interest rates soon. Federal Reserve officials are talking up the increasing likelihood of an interest-rate rise in the U.S. Holdings at ishares silver trust dropped by 0.52% i.e. 59.05 tonnes to 11206.36 tonnes from 11265.41 tonnes.

Gold trading range for the day is 29600-30296. Gold prices dropped after data showed that the U.S. services sector accelerated in September to the fastest level in 11 months. Prices seen under pressure as the U.S. dollar climbed to a two-month high amid indications the Fed is getting closer to raising interest rates. The European Central Bank is said to be building an informal consensus to gradually wind down bond purchases.

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